Is Coin Staking and Farming entirely Safe?

Is Coin Staking and Farming entirely Safe?

Token staking and farming are trending these days. With crypto currencies like Bitcoin, Proof of Work is used and miners are rewarded for each block mined but on Tokens Proof of stake is used and investors are rewarded for staking their tokens to provide liquidity.

As for Proof of Work it is discouraged because it consume large amount of electricity that is why Proof of Stake is being employed. You just but your coins Token and you stake them on the exchange of your choice. Then there is also Token Farming in which investors stake their tokens for yield farming purposes, e.g people are now farming on harvest finance and staking on exchanges like coin and the others. My worry and question is:


How safe is this?

When something is being marketed you will be told all the good news you want to hear, its rare to be told the bad side of it. Just because token farming is trending   doesn't mean that you should deposit your tokens. From my past experience,

i used to invest in mining and then start compounding profits but 1 day i was mining with which was the first time for me to be doing the mining stuff. Compounded my earnings and i accumulated mo than 15 ETH but i was surprised when the site was gone with investors money, i lost everything.

So i am not saying do not stake or farm buyt my advise is do not stake on exchange wallets and if you are farming make sure that you do not risk all anything is possible you an lose it all in a split second. As for me i doubt if i wil ever engage in farming and token staking because i learnt the hard way.

How do you rate this article?



Defiant Pathfinder
Defiant Pathfinder

I refuse to giveup

Defiant Pathfinder
Defiant Pathfinder

I am Unstoppable & Unpredictable

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.